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National Oilwell Varco

National Oilwell Varco recorded $5.8 billion in goodwill and asset impairments in 2019. One of the company's oil rigs is shown above.

Asset impairments are on the rise in the oil & gas services industry as the oil market overall experienced another downturn in 2019.  "New decade lows."

Many oil & gas equipment and service companies are back in the red after a wave of goodwill and asset impairments hit the industry in 2019, according to the latest annual financial results just being released -- a development that could drastically change the credit risk component of the industry moving forward.